Digix Global, a Singapore-based company, found a unique process using the Ethereum blockchain and InterPlanetary File System (IPFS) to develop coins. This process led to the creation of DigixDAO.

Bill Shihara, CEO and founder of Bittrex, stated: “Our markets exist to support innovative technology and business models on the blockchain. We're excited to partner with Digix Global and launch markets for their smart contracts on the Ethereum blockchain.”

He continues:

They are not only contributing to the overall Ethereum ecosystem through the support of DigixDao, but also bringing new use cases to the Ethereum blockchain.

DigixDAO tokens are used to enact proposals in order to release the funds that were collected during the crowdsale in hopes to expand the DGX, Digix Global’s gold equivalent coin on the Ethereum blockchain. The holders of these tokens can claim their rewards depending on the overall adoption of DGX.

The crowdsale for DigixDAO started in the beginning of April. The tokens hit their target of $5.5 million within 12 hours. Its current value is just under $30 million.

New Hampshire native, Danielle Meegan, is a writer based in Los Angeles. She has been published in a couple of sports and entertainment magazines and newspapers throughout the years and has dabbled with multiple virtual currency exchanges to understand the 'ins and outs' of trading. Danielle has invested in over 15 different virtual currencies, including Ether.